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On May 17, the President signed into law the “Tax Increase Prevention and Reconciliation Act of 2005” (H.R. 4297).1 On May 9, House-Senate conferees reached an agreement on the bill and the House passed it the next day by a vote of 244 to 185. The Senate passed the bill by a 54-44 margin on May 11. The bill is estimated to reduce taxes by $70 billion over the next decade. The major provisions of the bill extend the current rates for capital gains and dividends as well as the enhanced expense method depreciation amount. Also included is an extension of relief from the alternative minimum tax and a special provision involving conversion of a traditional IRA to a Roth IRA.

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